Lakshmi Mittal leaves as CEO of ArcelorMittal, son of new CEO of steel giant | Financial

The long-expected change in the top of the group was announced on Thursday.

Lakshmi Mittal is the founder of the current steel company. The Indian entrepreneur built his very first steel plant in Indonesia, and from 1976 onwards expanded it after a series of acquisitions and mergers to become the market leader in the steel sector.

Lakshmi Mittal now chairman at the company, which reported sharply improved net results on Thursday. In the fourth quarter, ArcelorMittal delivered a profit of € 1.21 billion, against a loss of € 1,882 last year. Over the whole of 2020, it reduced its loss from € 2.5 billion to € 733 million.

Less turnover

ArcelorMittal delivered € 14.2 billion in sales, compared to € 15.5 billion last year. For the whole of 2020, revenue fell to € 53.3 billion, from € 70.6 billion in 2019.

Aditya Mittal, who led ArcelorMittal Europe as well as CFO, had long been a promise in the Mittal dynasty. He succeeded in reducing the billions in debt at the company in difficult times.

The extremely wealthy Mittal family is one of the major shareholders of the Amsterdam-listed company.

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